Conventionally, real estate agents use the multiple listing service (MLS) system to locate properties of interest for their clients, to conduct comparative market analysis (CMA) for particular properties, and to carry out other real estate services. Agents typically conduct searches for properties using a computer interface terminal associated with the MLS. For example, an agent may specify a particular price range, MLS area, minimum number of bedrooms, and minimum square footage, and the MLS computer system will return a search result of properties in the MLS database fitting those specifications. The agent may print the search results and save the search criteria for future use, if desired, using the MLS system in order to carry out the agent's work.
In conventional systems, an agent can save search specifications. Thus, when monitoring real estate listings for a client, the agent may periodically conduct the search again, using saved search specifications, in order to find new information. The agent may adjust the date range of the search to seek only recently-changed property information. For example, the agent may set the start date as the date of the agent's last search in order to seek properties added to the MLS database since that date.
In addition, some agents examine a printed sheet issued daily that contains a list of listing modifications (new property listings and changes to listings) (often called a “hot sheet”). The agent may see a property of interest on the printed sheet, and access more complete property information for the listing using the MLS system. When examining the “hot sheet,” the agent typically either attempts to remember the types of properties in which their clients are interested or compares written profiles of their clients with the hot sheet.
Thus, in this conventional system, the real estate agent pulls information from the MLS database. That is, the agent specifies a desired profile, and information is extracted (or “pulled”) from the MLS database, formatted, and provided to the agent.
Moreover, in conventional systems, agents must conduct searches for each of their clients individually. For example, if an agent wishes to see if any new listings or changed listings are present for four of the agent's clients, the agent conducts a first search for the first client, and a second search for the second client, and so on. Such searching methodology is disadvantageous in that it is time consuming.
The volume of changes to the typical regional MLS database can be great. For example, new properties may be added daily, and price and other information on specific listings may be adjusted just as frequently. Buyers and sellers often demand that their agents provide notification to them as soon as such changes take place.
The Internet has changed the expectations of real estate buyers and sellers. Real estate buyers and sellers now demand more information and any information provided to be provided more quickly. Buyers and sellers want their agents to provide very specific information, to understand their needs, and to provide very fast answers to their questions.
In addition to changing the expectations of buyers and sellers of real estate in relation to speed and knowledge, the Internet has given buyers and sellers access to information that previously was available only through a real estate agent. For example, Internet services now allow real estate buyers and sellers to search MLS information by specifying property profiles. Thus, it is increasingly important for real estate agents to provide more timely, value-added services to their clients.
In relation to communicating with clients as to which property a client is particularly interested, using conventional systems and methods, agents spend several minutes contacting each of their clients by phone, e-mail or fax to determine if the buyer likes any of the properties brought to the client's attention by the agent. The agent spends such time finding out if the buyer has seen any interesting properties in print ads or on the Internet, as well. Such conventional systems and methods are disadvantageous in that such systems and methods are time consuming and communication difficulties (e.g., not finding a mutually convenient time to talk on the telephone) often arise.
The conventional systems have further disadvantages. For example, as mentioned, such systems typically use “pull” systems, requiring the agent to pull data from a database, rather than “push” systems whereby data of interest is automatically provided to the agent (and their buyers, if desired) in a highly organized and useful manner. Moreover, conventional systems do not provide information organized in a manner that allows agents to provide the speed of response demanded by today's consumer.
While the agent is able to search for properties using a conventional computerized system, much of the organization of the search results, correlating the results with client needs, and related tasks are often conducted on paper. That is, even using the MLS computerized system, much of the agent's organizational work is conducted on paper and the agent's memory is relied on a great deal.
In order to carry out these processes using conventional means, agents must be technically proficient and must organize the information obtained in a helpful way. That is, agents must make note of date ranges of searches, recall information about clients, conduct multiple searches on a serial basis, and otherwise take various steps to organize their property search and identification process.
Agents perform comparative market analysis (CMA) using conventional systems. In conventional systems, an agent or other person searches the MLS database for past sales and current listings that are comparable to the property at issue. The searcher determines the search criteria (e.g., location).
CMAs are performed in relation to a specific property for a variety of reasons. For example, an agent may wish to become the listing agent for a property that has yet to be placed on sale. The agent may use CMAs to provide the potential seller with information and advice so that the potential seller will chose the agent as listing agent. As another example, an agent may use CMAs to determine an asking price for a property that is listed with the agent. In addition, the CMA criteria may be used to determine activity near or associated with a particular property. For example, once a house is placed on sale, the seller and the listing agent may wish to monitor the surrounding area for houses placed on sale and/or sold.
In conventional systems, an agent prepares a CMA report containing information about properties that are comparable to the property at issue. Sometimes, the CMA is conducted only once in relation to a property that is placed on sale. In other instances, a CMA will be conducted for a property that is placed on sale sporadically to provide an update. The frequency is often determined by the agent, the seller, and available time.
Like the systems used to locate properties of interest for potential buyers, searches are typically done one property at a time, and the results are printed for future reference. In some systems, the search criteria may be saved and retrieved for future searching. The disadvantages of great time consumption and difficulty in organization, as well as other disadvantages associated with conventional buyer list systems discussed above, are present in such conventional CMA systems.
Many conventional computer-based, real-estate systems include appointment-monitoring functions. For example, when an appointment is made or changed, the data describing the appointment is printed and placed in the listing agent's mail box. Afterwards, the listing agent must call the showing agent to obtain buyer comments after a listing is shown. In some conventional appointment systems, agents may retrieve appointment information using a company appointment system computer, but such data is generally not accessible from any computer via the Internet. Such conventional systems have a variety of disadvantages. For example, printing appointment information is time consuming, costly, and inefficient. Agents must often come into the office to obtain such appointment information. Moreover, communication with the showing agent can be complicated by unavailability of the showing agent and time constraints.
There is a variety of other agent-credibility and value disadvantages in the use of conventional systems. For example, conventional systems often result in an agent's clients becoming aware of area activity before an agent becomes aware of such activity, thereby lessening the value and credibility of the agent.
What is needed is a system and method for providing real estate information that does not include these disadvantages, and that offers other advantages.